A classic British toy store has announced the closure of 29 of its stores.
Established in 1760, Hamleys has been in business for more than 265 years and holds the Guinness World Record for the oldest toy retailer globally.
The recognisable British brand has become a famous London landmark on Regent Street with tourists flocking to its seven floors nicknamed the ‘joy emporium’.
Despite its success, Hamleys is set to shut 29 of its stores during its latest financial year, having also closed 40 stores in the 12 months prior.
Companies House data shows that Hamleys profits rose from £51.4million to £53.3million in the last financial year.
Revenue from the UK and Europe market also increased, but the retailer’s international branches saw revenue drop from £7.3million to £6.5million.
The famous toy brand now has 11 stores in the UK and 176 branches worldwide.
It has not yet confirmed which of its branches will close or how many staff will be affected.
Alongside its latest accounts which were published in December, Hamleys said: ‘The UK retail market remains challenging going into 2025 as consumer spending continues to be impacted by inflationary pressures.
‘As a result, we remain cautiously optimistic on business growth with a continuous focus on cost optimisation to ensure the profitability of the company.
‘The company is continuously striving to improve the customer experience and proposition across all formats to ensure long-term sustainability of the business.
‘We remain focused in identifying opportunities for future growth and implementing a robust digital strategy is a key growth driver for the UK in 2025.’
William Hamley founded Hamleys in 1760 in Cornwall, England under its original name Noahs Ark.
So successful was the small shop that it would open a branch on Regent Street in 1881 and would soon come to be recognised as The Finest Toy Shop in the World.
Queen Mary granted Hamleys a Royal Warrant in 1938.
During World War II, Hamleys was bombed five times – but this didn’t stop staff members from serving customers by rushing into the store and handing over the toys at the door.
And when Queen Elizabeth II took to the throne in 1952, she remembered the presents her grandmother had bought her from Hamleys and in turn bought toys from the store for her own children.
Unfortunately, Hamleys is not the only high street retailer having to close its stores.
New Look, a clothing brand which was established in 1969, will shut 38 branches this year.
Hobbycraft, WHSmith and River Island also among the recognisable high street stores shuttering up their stores.
